German September inflation rises to 3.3 per cent as energy prices accelerate
Germany’s preliminary figures put annual consumer price inflation at 3.3 per cent in September, up from 2.9 per cent in August. The annual rise in energy prices accelerated from 10.5 per cent to 14.9 per cent, while inflation excluding food and energy stayed at 2.4 per cent. The gap shows where much of the latest headline increase is concentrated. Final September figures are scheduled for 13 October.
Economics & Markets··Evening
The preliminary annual rate reaches 3.3 per cent
Germany’s Federal Statistical Office puts consumer prices 3.3 per cent above their level a year earlier in its preliminary September estimate. The annual rate was 2.9 per cent in August. German news outlet Tagesschau also reported the increase from the statistics office’s first estimate. Prices rose 0.6 per cent from the previous month. The annual and monthly figures use different comparison periods: 3.3 per cent compares September with September 2025, while 0.6 per cent compares it with August 2026. That distinction keeps one month’s movement from being mistaken for the price change across a full year. The September result remains preliminary and may change when further observations enter the final calculation. The annual rate was 2.3 per cent in June and 2.8 per cent in July. The September estimate extends that recent sequence of higher readings. It remains important to await the final figure; a preliminary price index measures the period rather than forecasting future inflation.[1], [2]
Energy accelerates as the core rate holds
Energy prices were 14.9 per cent higher than a year earlier in September, compared with a 10.5 per cent annual increase in August. Tagesschau also identified higher energy prices as a prominent part of the overall rise. By contrast, inflation excluding food and energy held at 2.4 per cent annually. Food inflation moved from 0.1 per cent in August to 0.4 per cent. The annual increase in services prices eased from 2.8 per cent to 2.7 per cent. This divergence prevents the higher headline rate from being read as though every group of goods and services became dearer at the same pace. Energy showed a stronger annual price rise, while the core rate matched the previous month’s reading. Annual goods inflation rose from 3.0 per cent to 3.8 per cent. Alongside energy, that movement shows a stronger rise in the goods group. The lower services rate illustrates how components of inflation can move in different directions within one monthly release.[1], [2]
Two indices and the final release
The harmonised index prepared for comparisons across countries also rose 3.3 per cent annually and 0.6 per cent monthly in September. It draws on much of the same underlying price information as the national consumer price index, but the two measures differ in coverage, weights and method. Their identical rates this month do not erase those differences. The national measure tracks changes in the household consumption basket, while the harmonised measure is used for comparison in monetary policy. The statistical office plans to publish final September results on 13/10/2026. Until then, the 3.3 per cent rate should be read as a first measurement based on the information currently available for September. The harmonised index changed method and classification at the start of 2026 and now uses 2025 as its base year. That technical detail matters for longer comparisons across countries. The first September reading nevertheless shows a 3.3 per cent annual rise in both indices.[1]
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